Chinese seafood firm Joyvio Food has completely divested from Chilean salmon-farming firm Australis Seafood, selling its stake to a fellow firm also under the umbrella of the Joyvio Group for the symbolic price of CNY 1.00 (USD 0.14, EUR 0.12).
Australis will be transferred to Joyvio Premium Fresh in a move that will now consider “potential strategic options” for Australis, which may include bringing new investors on board to enhance working capital and to support future expansion plans.
The restructuring is also expected to strengthen Joyvio Food’s net asset position and “create room for future operational improvements,” according to Joyvio parent company Legend Holdings’ filing on the Shenzhen Stock Exchange. Joyvio Food has been struggling financially, and its losses have increased the risk of the company getting delisted from Shenzhen.
During the first quarter of 2025, Joyvio Food’s revenues fell to CNY 678 million (USD 93 million, EUR 81.6 million), a 34.1 percent drop when compared to the same quarter in 2024. In the same time frame, net losses more than doubled to CNY 181 million (USD 24.8 million, EUR 21.8 million). Australis also reported a Q1 2025 before-tax loss of CNY 16.5 million (USD 2.3 million, EUR 2 million).
The company harvested 8,309 metric tons of Atlantic salmon whole fish equivalent in the period, marking a 43 percent drop year over year while ex-cage costs increased 2.4 percent to USD 6.45 (EUR 5.66) per kilogram compared to USD 6.30 (EUR 5.53) per kilogram in the year-ago period.
Its losses for the full year of 2024 approached CNY 122 million (USD 16.7 million, EUR 14.7 million).
Problems for Joyvio began long before that, however...
